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Crisis Archives -
Microsoft has pledged $ 500 million to address homelessness and develop affordable housing in response to the Seattle region’s widening affordability gap.
Most of the money will be aimed at increasing housing options in the Puget Sound region for low- and middle-income workers at a time when they’re…
Venezuelan President Nicolas Maduro begins another six years in power Thursday with a collapsing economy that shows no sign of bottoming out and a threat from some Latin American neighbors who say they will not recognize his government.
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At 1.41 billion people, China is worried about its population. A Chinese government report says the nation will likely peak at 1.44 billion people in 2029 and slide into an “unstoppable” downturn thereafter, the BBC reports. Pointing to a low fertility rate, the China Academy of Social Sciences…
Warnings of an imminent financial crisis are in the media more than ever before. But could such an event be the tipping point that puts Bitcoin and cryptocurrency firmly into the mainstream? Politician and tech entrepreneur Rick Falkvinge says it would be the perfect time to finally convert people to crypto.
“Storm Clouds Building”
A global financial crisis is imminent – and we’re not prepared, experts have warned. The deputy head of the International Monetary Fund, David Lipton, said in December that he sees “storm clouds building” and fears “the work on crisis prevention is incomplete.” While Janet Yellen, the former chairwoman of the Federal Reserve, has said the loss of authority by banking regulators and a move toward deregulation are also warning signs of another economic disaster.
A sustained trade war between the U.S. and China could damage the global economy, it has been warned, and the level of global debt has reached record levels. Combined with the risk of leveraged loans and a lack of tools available to deal with a future crisis, it would seem the warning signs are everywhere.
But what would this mean for the crypto-world? Could a crash do the crypto-market any good – as has been seen in Venezuela – or could it see people trying to cash out as quickly by selling their digital assets at the highest possible price?
Make Or Break Opportunity
The founder of Sweden’s libertarian Pirate Party, Rick Falkvinge, told news.Bitcoin.com that not only is a future financial crisis on the horizon, it will be the “make or break” opportunity to convert the masses to using cryptocurrency. “It’s like watching a mountainside full of wet snow, you can’t tell what’s going to set off the avalanche but you know for sure the avalanche is coming,” he said of the current warning signs.
“Since august 15, 1971 [the date of the Nixon shock] the bubble has been inflating. The situation is what we call metastable, it’s kind of like when we have one of the spinning tops. It stays stable for a little while but it can’t stay stable forever.”
But Mr. Falkvinge, a proponent of Bitcoin Cash (BCH) and an evangelist for digital rights, went on to say that the future crash will be the ultimate opportunity to convert the masses to cryptocurrency.
And the crypto world would have to prove that digital currency is of use and a better option than fiat, Mr. Falkvinge added. “We will have to make the case,” he said. “We have to provide the value for it to be a better offering. At the end of the day it’s got to deliver. That’s the point I’m coming to full circle here. At the end of the day a crunch – credit crunch, stock market crunch, housing market crunch – is when we really have an excellent shot at introducing the world to crypto and using it to break free of this nickel-and-diming that’s so prevalent in existing markets.”
He added: “We have to make the case. We have to provide the value for it to be a better offering. That’s a once in a lifetime opportunity and it’s not coming back. That’s the make or break.”
Do you think a financial crisis could do the crypto world good? Tell us in the comments below.
Images courtesy of: Shutterstock and The Pirate Party.
The post Rick Falkvinge: Imminent Financial Crisis Perfect Opportunity to Convert the Masses to Crypto appeared first on Bitcoin News.
Sri Lanka’s president on Thursday appointed 28 lawmakers and Prime Minister Ranil Wickremesinghe as Cabinet ministers after weeks of political crisis led to government dysfunction.
Investors are also fretting about the country’s economy, which has gone more than a quarter-century without a recession.
WSJ.com: What’s News Asia
The UN agency tasked with containing HIV and AIDS is “in crisis” over “sexual harassment, bullying and abuse of power” among its leadership, an independent panel of experts has concluded.
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In October, an early access game called Crypto Crisis was released on the digital distribution platform Steam. The recently launched title rewinds time to the year 2009 and lets players mine coins on a simulation of the Bitcoin network by utilizing historical data from the last decade.
Simulated Bitcoin Mining Operations
The new simulator game, designed by Armoured Beans, allows players to relive a “closely simulated” version of the Bitcoin network. Essentially Crypto Crisis players spawn back in 2009 and start a mining operation while improving mining equipment and selling bitcoins throughout the duration of the game. Crypto Crisis was released as an early access game, which means it’s currently incomplete, but players can still try the game as it develops. On Nov. 16 and 28 Armoured Beans published two major updates which improved the game’s maps system and added new models for utility equipment.
“[You] have fallen into debt with very little to your name, and you decide to start Bitcoin mining to turn your life around — Compete for and increase your share of block rewards by building and upgrading your mining rigs while carefully managing your resources,” explains the developer’s summary of the game.
The Bitcoin-infused game is very similar to simulators like Sid Meier’s “Civilization” and Will Wright’s “Sims.” Instead of conquering the world or attracting all the babes at a Sims party, Crypto Crisis users manage energy consumption, data facilities, and their mining rig’s heat output. As the game progresses, players slowly improve their mining operations by unlocking new maps and additional space in order to accumulate more bitcoin miners.
Just like in the early days, when everyone could mine, the game starts you off with a basic central processing unit (CPU) to mine coins. Not long after that, players can upgrade to graphics processing units (GPU) and then facilities full of next-generation application-specific integrated circuit (ASIC) machines.
Reset and Start Over
At the moment there are four 3D maps available to play and over 20 different mining chassis types. There’s also a wide variety of rigs to choose from alongside more than 170 CPU, GPU, and ASIC parts. Besides dealing with buying and upgrading mining devices, users also have to deal with the cryptocurrency market. They must choose whether they hold the coins in order to gather more profit or sell them right away for immediate funding.
Crypto Crisis users can also rank up while they play the mining simulation, with rankings logged on the Steam leaderboards. Developers recommend about 1 GB of storage space and at least 768 MB to 1 GB of random-access memory (RAM) for the game to run fluidly. According to Crypto Crisis reviews, Steam players seem to be enjoying the early access game development so far.
One player says it’s a fun game but he’s restarted back to 2009 over 17 times because he “can’t figure out how to make enough money to stay afloat.” Another player attempting to rule the virtual mining world started off well only to find that the game was prone to freezing during play.
“Actually quite enjoy this game — I have played quite a few opening scenarios to determine the best path and I finally settled on one that I have been quite successful at making money,” the player wrote. “Unfortunately, I just moved into the apartment and purchased my second 6kw generator and large A/C unit, when I selected my 3rd super gaming chassis, the system completely froze.”
Getting to mine bitcoins back in 2009 is not so easy, unless you have a flying Delorean and a working flux capacitor. However, cryptocurrency fans can get a taste of what it was like with a historical simulator based on the most innovative money of our time. And unlike in real life, if players fail to become mining barons, they can always reset and start over.
What do you think about the game “Crypto Crisis?” Let us know what you think about this historical Bitcoin network simulator in the comments section below.
Disclaimer: Bitcoin.com does not endorse nor support any of these mentioned products/services/games. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, games, goods or services mentioned in this article.
Images via Shutterstock, Crypto Crisis, and Pixabay.
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The post ‘Crypto Crisis’ Mining Simulator Lets Players Relive the Last 10 Years of Bitcoin appeared first on Bitcoin News.
The situation in Tijuana days after thousands of mostly Central American migrants traveling in a caravan streamed into the Mexican city has turned into a humanitarian crisis, the city’s mayor said Thursday as he pleaded for help.
Study263, a Zimbabwean-owned fintech startup operating from South Africa, has opened an online store allowing Zimbabweans to buy food hampers that are delivered directly to their homes. Shoppers have the option to pay for items like cooking oil and baked beans in BTC, Paypal or Ecocash, a local mobile money payment system.
As Prices Spiral, Study263 Helps Zimbabweans Import Food Using Bitcoin
The southern African country of Zimbabwe, which adopted the U.S. dollar after abandoning its currency at the height of hyperinflation in 2009, is gripped by a shortage of foreign currency which has seen prices of imported goods spiral in recent weeks.
Some supermarket shelves have emptied as shoppers panic buy, stocking up on essential goods such as mealie meal, beef, bread and cooking oil in fear of a return of the 2008 food and prices crisis. Until recently, fuel was in short supply, and basic foodstuffs remain scarce or are priced out of reach of ordinary people.
Tinashe Jani, co-founder and chief executive officer of Study263, told news.Bitcoin.com that the idea was conceived early October, “when colleagues and family in Zimbabwe started complaining of shortage of basic commodities as prices increased daily.” At the time, for example, the price of cooking oil moved from $ 3.20 to $ 20 per two-litre bottle, if available, he said.
“Our regular customers for sending money back home started hinting that the money they are sending isn’t buying much any more and that if only they could send groceries with someone they trust,” said Jani, whose company was founded in 2017, initially to help Zimbabweans studying abroad pay fees with ease using cryptocurrency.
Around mid-October, Study263 tested out the market and received a positive reception. People suggested what grocery items they would want included in the hampers, which are designed to cater for different types of family setups according to income levels.
“We analyzed other players in the market and realised our strength was in our acceptance of all forms of payment, including bitcoin,” Jani stated. ‘We have the mini blue, blue and mega blue hampers, which contain the most basic food commodities. The red hamper caters for toiletries and the purple hamper caters to those who want the more expensive products,” he added.
South African Imports Driving Trade
The goods are imported from neighboring South Africa before they are delivered to the buyer’s home within 10 days of payment. A deal by Study263 with a Harare-based logistics company ensures safe delivery.
To make payment in BTC, shoppers typically send the bitcoin equivalent to a given address, which the company converts to fiat to facilitate purchase of the product on order. Jani said customers have slowly been coming on board since the service was launched earlier this month.
Study263 will have to pay taxes on imports. But the waiver on import licenses announced by the Zimbabwe government a few weeks ago allows the company to operate without one. The import licenses suspension – enacted as part of efforts to ease basic food shortages – gives holders of free funds to bring in a select number of goods from other countries license-free.
“Our hampers are selected from a variety of shops to ensure affordable pricing. They are also flexible to allow other customers to pick and drop items,” Jani detailed. “In terms of payment, our packages are pegged against the U.S. dollar and upon need to transact we convert to whatever the client wants to use to pay, from Paypal, cryptocurrency and Ecocash.”
Bitcoin Payments Catching on in Africa
Cryptocurrency may be banned in Zimbabwe, but bitcoin is helping ordinary folk make payments bank-free. It makes for a great fit for the more than 10 million Zimbabweans who lack access to basic banking services. And it’s even more beneficial to the banked few, a distrusting lot, who are keen to protect their savings against bank failure, inflation or even political turmoil.
Bitcoin is also being used to pay for TV subscriptions (a service offered by Study263) and accommodation rentals. But above all, it is looked at more as a store of value against fiat currency devaluation, rising inflation and policy uncertainty, as is the case is across much of Africa.
In east Africa, a new deal between digital currency exchange Bitpesa and a Japanese firm shows Kenyans are using bitcoin to pay for used Japanese cars, cosmetics and electrical gadgets. In Nigeria, Sure Remit is helping make cash transfers cheaper and in Ghana some small businesses have started to accept payment in BTC while basic services like buying mobile phone airtime and data can also be done using the digital currency.
What do you think about the Study263 initiative? Let us know in the comments section below.
Images courtesy of Shutterstock.
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The post Zimbabweans Use BTC to Pay for Food Hampers Amid Foreign Currency Crisis appeared first on Bitcoin News.